Oakland may have to declare fiscal emergency as it faces historic budget deficit

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Oakland may have to declare fiscal emergency as it faces historic budget deficit
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A special city council meeting related to the Oakland's historic budget deficit was held on Wednesday. Oakland Mayor Sheng Thao projects the deficit to be close to $200 million for this year and next year. The sale of the Oakland Coliseum was also discussed.

A special city council meeting related to the Oakland's historic budget deficit was held on Wednesday.A special city council meeting related to the Oakland's historic budget deficit was held on Wednesday. Oakland Mayor Sheng Thao projects the deficit to be close to $200 million for this year and next year. The sale of the Oakland Coliseum was also discussed.

ABC7 spoke with Oakland City Councilmember Carroll Fife just before the start of the meeting on Wednesday.She says the finance department didn't miss any deadlines, and it is just a long and slow process. "When we get to our budget discussions on Friday, there is a policy directive in my budget amendments so that we can do an inventory of our assets and those needs over the next ten years," she said.

Mayor Sheng Thao said on Tuesday that she would be working with the city council to make sure a budget is passed by Sunday's deadline.Oakland will sell its half of Coliseum to Black-led group looking to redevelop complex Thao, who serves as a commissioner on the body's board, took time to vote on several measures during the meeting.

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